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How the Japanese lumber and timber market is influenced by Japanese natural disasters Lin, Leonard 2014

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Topic: Asian Markets with a Focus on Japanese MarketsTitle: How the Japanese Lumber and Timber Market is Influenced by JapaneseNatural DisastersGraduating EssayFRST 497Candidate: Leonard LiniAbstractIn the past few decades, numerous calamities have hit the coast of Japan and devastated citiesaround the nation. As communities rebuild their foundations, infrastructure needs to be re-established. Houses and schools need to be rebuilt. This creates an opportunity for housing startsand other development, and subsequently, a demand for construction-ready materials. Thisdemand would open the door to an increase in timber and lumber imports from foreign markets,such as Canada, the United States and Russia.In this essay, I focused on the years preceding and following the 1995 Kobe Earthquake and the2011 Tohoku Earthquake, and looked for any possible trends in the timber and lumber marketswithin that timeframe. By comparing my findings for those years, and cross-referencing themwith trends in non-event years, I did find a correlation between spikes in demand, import levelsand disaster events. I believe that by studying past time periods, and the market flows anddisaster events during those years, we are able to make educated predictions and better respondto shifts in demand.Through the writing of this paper, I have achieved a deeper appreciation of how global timberand lumber markets function, and how they are affected by events happening at the global level.Furthermore, I now understand how much housing starts influence the timber and lumbermarket, and the fluctuations that occur from year to year.Keywords: Asian Markets, Japan, Timber, Lumber, Natural Disasters, 1995 Kobe, 2011Tsunami, Russia, Canada, United StatesiiTable of ContentsAbstract - iTable of Contents - iiIntroduction - 1Background - 5Historic Overview of Wood Supply for Japan - 7Russia - 11North America - 13Natural Disasters in Japan - 18The Aftermath - 21Conclusions - 23Works Referenced and Consulted - a.1IntroductionJapan is known by many as a mecca of culture and history; a spiritual place entrenched in thedelicate place of equilibrium between the wonders of modern technology, and the traditionalcultural values of the past. As one of the heavily-industrial countries in the world, and one thatsupports a population of 127,000,000 citizens, Japan has long been a strong participant in globaltrade (CIA, 2014). Appropriately, the growth of the economy and population over past decadeshad led to an increase in infrastructural development. However, the population has declined inrecent years, and is undergoing a demographic shift towards an older majority (Aquino, 2013;Torres, 2013). The graph below illustrates the trends in the Japanese population from 1960 to2013, and includes projected population levels for the future.Figure 1 - The graph shows trends in the Japanese Population from 1960 - 2014, as well asprojected population levels for the future (FAO, 2014).75,00085,00095,000105,000115,000125,000135,0001960 1970 1980 1990 2000 2010 2020 2030Total Population (1000)Year2As it stands, the state of the Japanese lumber and timber market is in flux. The current lack ofdomestic harvesting and its declining rate over the past years has led to an increase in lumberimports (Iwai, 2002). Of note, it seems that over the years, Japan has established itself as a majorimporter of Canadian lumber, more specifically, high grade lumber from British Columbia, andhas developed itself into a market driven by a strong demand for lumber of the highest quality(COFI, 2014).There are factors that have influenced the lumber and timber market in the past, and continue toimpact the market today. The small area of land that Japan occupies is one of these factors. In theyears of extensive economic and population growth, softwood lumber was imported heavily forconstruction purposes (Daniels, 2005). However, with the passing of time, and a diminished areaavailable for development, as well as a dwindling population, infrastructural construction, suchas housing starts, and the need for construction materials, began to decline, as is evidenced inFigure 2.Figure 2 - Trends in Roundwood Imports from 1980 to 2000 (Daniels, 2005)3Figure 2 shows a clear indication of the trends in round wood imports in Canada, China, Japan,South Korea, and the United States. Japan, along with South Korea, has seen a gradual decreasein consumption, while consumption in Canada, China, and the United States has increasedsignificantly. This decrease could be due to national development limitations, or a lack ofinfrastructural needs.Another factor that influences the timber and lumber market of Japan is the shifting ideologybehind building construction. As a global community, we have gone through building trends inwhich we have favoured concrete and steel, as well as hybrid materials at different points intime. In Japan, concrete and steel have been the de-facto material for the better part of the lastthree or four decades. However, recently, a shift back towards traditional materials, such aswood, has been seen. In 2010, the “Promotion of Wood Usage in Public Buildings” Act wasannounced by Japan in an effort to promote wood as a construction material (COFI, 2014). Inaccordance with the Act, wood would be used in the construction of most public buildings. Incases where the use of wood was deemed impractical or unsuitable, finished wood productswould be used within that building. The Act would have the beneficial effect of raising thenumber of wooden structures used as public buildings out of the total number of publicbuildings, which now stands at 7.5%. As a comparison, the percentage of total number ofwooden structures out of all existing buildings is 36% (COFI, 2014).As a result of the particularly specific geographic region that Japan is located in, natural disasterssuch as earthquakes and tsunamis are common occurrences and have had an effect on theJapanese Lumber and Timber Market. Due to its geographical position in the Pacific Ring ofFire, and the specific tectonic plate configuration that lies beneath, Japan experiences a greatnumber of earthquakes, tsunamis and typhoons (Israel, 2011). As a result of having the North4American, Pacific, Eurasian and Philippine plates converging beneath, Japan suffers fromapproximately 1,500 earthquakes a year, which is to be expected as roughly 80-90% of allearthquakes that occur within a year happen along the Pacific Ring of Fire. In particular, the1995 Kobe event and the Tsunami event of 2011 were two of the most damaging disturbances tooccur in Japan. Both events had major economic consequences, with the 1995 Kobe Earthquakecosting over $100 billion, and the 2011 Tsunami event costing over $235 billion (Chen, 2011;Kim, 2011; Sample, 2011; Zhang, 2011).  In addition to the colossal infrastructural damage,there was massive loss of human life and numerous communities were displaced.This technical paper addresses the issues surrounding the Japanese Timber and Lumber market.Furthermore, it investigates the relationship between the market and natural disasters, and howthe market reacts to those natural disaster events. Due to the precarious balance of tectonic platesunder Japan, this study could be beneficial in determining potential trends in the JapaneseTimber and Lumber market for the future. By understanding how the trade system will react tocertain events, better predictions about the market would be possible, potentially helpingexporters adjust accordingly to changes in demand.From an organisational standpoint, this paper is structured to provide background information onJapan, followed by a historic overview of wood supply for Japan focusing on Russia, Canada,and the United States as source countries. Natural disaster events in Japan, as well as thedamages and consequences of those events, as they relate to the Japanese Lumber and Timbermarket, will then be addressed.In this report, the word timber refers to logs that have not yet been processed, (ie. retains bark)and lumber refers logs processed to produce construction-ready boards and planks.5BackgroundHistorically, as a country, Japan has been involved with numerous industries such as themanufacturing of vehicles, and the innovation and production of modern, cutting edgetechnologies and medicine. With respect to the economic growth and subsequent populationexpansion, lumber has been used over the years as a major building material (Statistics Bureau,2013). In fact, wood is still an integral part of building construction, regardless of the increaseduse of concrete and steel in the last few decades. Temples and monasteries across the countryhave always been constructed using wood as well, most of which have stood up against the testof time, weathering the elements and natural disasters.During the Meiji Period, Japan underwent a radical shift in ideologies and government. In theyears between 1868 and 1912, the country strived for modernization and established itself as amajor participant in the global trade economy (Asia for Educators, Columbia University, 2009).As a result, the feudalist society and dynamic class system that had been in place for manydecades fell in favour of an equal society. The change in government led to the subsequentfreedom to choose between professions. Buoyed by a strong economy and a complete cultureshift, Japan was able to invest in numerous industries and technologies, and become a supremeworld power.Following the Second World War, Japan was occupied by members of the Allied Powers for aperiod of nine years, from 1945 to 1952 (Japan Guide, 2002). As a result, the country plummetedfrom its former position as a global power. It would be years later that the Japanese economywould rise again and regain status. The growth of the economy would prove to raise livingstandards and create changes in the make-up of society.6The occupation of the country did end in 1952 with the signing of the peace treaty (Japan Guide,2002). This created a situation in which Japan would have been very concerned withreinvigorating the Japanese economy. The resulting boom in economic and population growthwould have increased housing starts within Japan, and ultimately an increase in imported lumberfrom foreign lands.7Historic Overview of Wood Supply for JapanIn this study, I have chosen to look at the imports coming into Japan from three specificcountries: Russia, Canada, and the United States.Over the past half-century, these three countries have supplied a large majority of the lumbermoving into Japan (Iwai, 2002). Between 1960 and 1980, the Japanese government began toallow wood importation, and slowly moved towards eliminating existing import taxes. This wasdue to the fact that domestic demand rose with the economic growth and the domestic supply ofwood was found to be inadequate. The year 1969 would mark the first time that imported woodaccounted for 50% of the total wood volume consumed in the country, a trend which wouldcontinue to be seen over the years as Japan moved forward. With changes to the legislationbehind timber and lumber imports, numerous improvements were made to ports and other pointsof resource entry. Furthermore, sawmills were built in close proximity to those points in order tomaximize resource processing efficiency.Initially, the bulk of the lumber and timber imports were from sources in the South East AsianRegion (Iwai, 2002). This would be the case until the 1980s, when Canada and the United Stateswould take over as the top exporters into Japan, Canada more so than the United States. Underthis configuration, North America was generally the supplier of lumber that would be used forconstruction purposes, while South East Asian provided wood that had already been processedinto plywood. Russia has also been a major contributor to the flow of timber and lumber intoJapan.The way markets work is that foreign demand is filled, as long as all domestic options areexplored. For example, if Russia were to be lacking in woody resources at a national level due to8a disaster event or a housing initiative, Russian lumber and timber companies would be lookingto fill those domestic needs first, and then looking towards addressing foreign markets second. Afurther example would be the Canadian Lumber market. As it stands presently, Canada producesmore lumber than the domestic demand, and as a result, exports heavily to countries such as theUnited States, China, and Japan (NRC, 2013). Interestingly, due to the cost of using the domesticwood supply, Japan imports heavily despite having domestic sources for wood.Furthermore, decreasing exports from one country would spark an increase in exports from othercompetitor countries in the same market that are looking to fill the void and hoping to capitalizeon an opportunity.In recent years, Russia, Canada, and the United States have taken over the bulk of lumber andtimber that Japan imports. Looking at Figure 3, clear trends of this can be seen for all of thecountries (Japan Lumber Importers' Association, 2009).9Figure 3 - Trends in Imported Timber and Lumber into Japan from 2004 to 2009 (JapanLumber Importers' Association, 2009). Please note that the values shown above are in 1000cubic metre units. The table above uses terminology that is different from the one used inthis report. For the purposes of my report, the “Logs” label should be understood astimber, and the “Sawn Timber” label should be understood as lumber.As seen in the table show above, timber and lumber imports into Japan have been in a steadydecrease in the five years in-between 2004 and 2009. Overall, the amount of timber flowing intoJapan has fallen drastically from 12,428,000 m3 in 2004 to 3,055 m3 in 2009. Upon furtherscrutiny, it seems that Japan saw a decrease in timber from both Russia and North America.While the amount of timber going into Japan decreased rather evenly over the five years, savefor a minute upswing from 2005 to 2006, the amount of lumber imported into Japan wasrelatively stable from 2004 to 2006, despite some fluctuation. It was in the time period between2006 and 2007 that the lumber imports began to decline at sustained rate. While Canada and theUnited States saw a gradual decrease in volume exported into Japan from 2004 onwards, the10volume coming out of Russia and into Japan would stay relatively stable, even seeing a rise from2004 to 2006. However, in the year 2007, Japan would see the beginning of a massive drop involume imported from Russia.While it is important to note that the 2009 data column in Figure 3 only accounts for values fromJanuary to September, the ongoing trend of decline in total volume imported is to be expected. Infact, later publications from various sources in more recent years do suggest and show a declinein imported lumber and timber.11RussiaIt is interesting to note that until the year 2007, Russia had been exporting large volumes oftimber into Japan. As shown in the graph below, the volume of imported non-sawn timber wasquite substantial.Figure 4 - Trends in Russian Timber Exports into Japan from 1998 to 2009 (Japan LumberImporters' Association, 2009).As shown in the graph above, the volume of lumber and timber that Russia exported to Japanwas quite substantial, even reaching a ten year peak of nearly 7, 000, 000 m3 in the periodbetween 2004 and 2005. Similarly to what is shown in Figure 3, the decline in volume shown inVolume (1000 m3)Year12Figure 4 picks up speed between the years of 2006 and 2007. This was directly correlated to theRussian Softwood Log Export Tax (International Forest Industries, 2011). On April 1st, 2008, theRussian Softwood Log Export Tax was implemented by the Russian government, and as thename suggests, created a 25% tariff on all softwood exports. Additionally, this tax would alsohave a minimum of €15/m3 imposed as a cover.As a result of this tax, many major countries that had been strong markets for Russian timber,including Japan, began to move away from Russian sources. This is best evidenced through thefact that Russia now exports 70% of its timber to China, as opposed to the 46% value in 2006(Japan Lumber Importers' Association, 2009; International Forest Industries, 2011). Of note,while the percentage of timber exported to China has increased, the actual volume has been onthe decline. The change in percentage is a reflection of the fact that Russia has lost target exportcountries. The tax was originally conceived with the hopes of creating better timber access atlower costs for domestic sawmills, as well as further developing the Russian Timber Industry(Owen, 2013). Not only did this tax fail to achieve the desired effect, but logs became expensiveto acquire, and the overall supply saw a decrease.It is interesting to note the effects that were seen in the Chinese timber market, which hadmaintained ties to the Russian Timber market throughout the years following the taximplementation. Due to the decrease in log exports from Russia, China began to seek out newsources, and eventually, the United States emerged as a candidate, something that would alsohave caused changes to Japanese Timber and Lumber market trends as well (Owen, 2013).13North AmericaIn recent years, North America has seen its share of highly damaging events that are majorfactors in determining the amount of lumber and timber that is exported to Japan. The BritishColumbia Pine Beetle Infestation, and Hurricane Katrina and Hurricane Sandy, of 2005 and 2012respectively, are such events.Hurricane Katrina and Hurricane Sandy displaced numerous communities and caused damagesthat totaled in the billions, $125 billion and $65.7 billion USD respectively (NOAA, 2014). Withthe damages done at the infrastructural level, it is expected that housing becomes a concern forthe government. Hurricane Sandy caused the destruction of approximately 650, 000 houses,clearly creating a domestic need for lumber and timber (Blake, Kimberlain, Berg, Cangialosi, &Beven II, 2013).A look at log export patterns of the past from the United States hints at the fact that NorthAmerican needs for lumber and timber will affect the volume exported to Japan from NorthAmerican sources.14Figure 5 - Trends in Sawnwood Imports and Exports from 1961 to 2013 (FAO, 2014).Figure 5 shows a close relationship between Canada and the United States with respect to lumberimports and exports from North America. As one of the main importers of Canadian Lumber, theUnited States import markets seem to match and adjust to fluctuations in Canadian export levels.This close correlation undoubtedly has an effect on the volume available for Japan to import.Disaster events such as Hurricane Katrina and Hurricane Sandy create an immediate need forhousing through their destruction. Millions are without homes in a matter of minutes with themagnitude of damage to communities, and without timely intervention and restoration of power,food, and shelter, a descent into chaos would quickly follow (NWSWFO, 2005).05,000,00010,000,00015,000,00020,000,00025,000,00030,000,00035,000,00040,000,0001960 1970 1980 1990 2000 2010Volume (m3)YearCAN Sawnwood Coniferous ExportUS Sawnwood Coniferous ImportUS Sawnwood Coniferous ExportCAN Sawnwood Coniferous Import15However, Figure 5 seems to show no discernable response to the disaster events of 2005 and2012. U.S. sawnwood import levels do not rise during those time frames and instead follow thetrends of previous years.The decline in North American lumber and timber exports seen in Figures 6 and 7 may beattributable to the Mountain Pine Beetle infestation event that occurred in British Columbia,Canada. Peaking in 2005, the Mountain Pine Beetle infestation has ranged over approximately 1,801 million hectares and affected a total of 710 million cubic metres of timber that would havebeen otherwise merchantable and available as potential resources to be imported by Japan(Ministry of Forests, Lands and Natural Resource Operations, 2012). An additional factor wouldbe the exports to Japan from European countries. In 2012, Japan became one of the largestmarkets for Finland, which exports 55% of total shipments to non-European markets,undoubtedly taking shares of the market away from North American sources (Ekstrom, 2014).Looking at Figure 6 and 7, it is interesting to note that, while the overall exports from Canadaand the United States have dropped over the years, the composition of the exported volumes hasremained relatively similar to the levels shown in the years before 2008 and 2009.16Figure 6 - North American Timber Export Trends into Japan from the year 1998 to 2009(Japan Lumber Importers' Association, 2009)Volume (1000 m3)Year17Figure 7 - North American Lumber Export Trends into Japan from the year 1998 to 2009(Japan Lumber Importers' Association, 2009)Volume (1000 m3)Year18Natural Disasters in JapanThe 1995 Kobe Earthquake event was a devastating blow to the country. Measuring 7.2 on theRichter scale, it struck over twenty cities and towns, killed thousands and injuring millions moreover the span of less than a minute (Chen, 2011). Housing would clearly be in demand after adisaster event in which infrastructural damage amounting to over $100 billion. A look at Figure 8seems to validate this claim.Figure 8 - Japanese Housing Starts from the year 1965 to 2004 (Daniels, 2005)There is a rise in Japanese Housing Starts in the year of 1995, which does indeed coincide withany ongoing restoration and rehousing efforts that would have manifested in the years after theearthquake event. It is interesting to note that the spike in housing only seems to lastapproximately two years after the event, before sliding again. There is another possibility for theincrease shown in the timeframe between 1995 and 1997. The increase in Japanese taxes in 199719would have created a housing boom for those looking to avoid the 2% tax increase (Yoshikawa,2012; Fujioka & Shimodoi, 2010). The graph below illustrates housing trends in Japan as itrelates to wooden and non-wooden housing, as well as the housing spike, and subsequent fall, in1997.Figure 9 - Wooden and Non-Wooden Housing Trends from 1985 to 2015. This graph usesdata from (Statistics Bureau, 2013)Similar to the 1995 Kobe Earthquake, the 2011 Tsunami event was also a disaster event thatrocked the entire nation down to its core. Triggered by an earthquake that measured 9.0 on theRichter scale, the tsunami attained heights of 30 feet, killing over ten thousand and injuringcountless more in communities along the coast (Oskin, 2013). Looking back at Figure 9 oncemore, there is a lesser number of housing starts overall in the years before the 2011 Tsunamievent; however, both wooden and non-wooden housing start trends rise and seem to have beenincreasing at a sustained rate in the years following.050,000100,000150,000200,000250,0001985 1990 1995 2000 2005 2010 2015Japanese Housing StartsYearWooden HousingNon-WoodenHousing20The graph below shows a pattern of log exports from British Columbia.Figure 10 - Total Volume of Log Exports from British Columbia from 1985 to 2015 (Cohen,2013)The fluctuation shown in Figure 10 between the years of 2005 and 2011 could be attributed tothe Mountain Pine Beetle infestation. However, it is the period of sustained growth from 2011onwards that carries potential for the future. The upward trend could be due to the increase inwooden housing starts in Japan that seems to be increasing at a continuous rate, as well as be asign of the BC Lumber and Timber industry revitalizing itself after a period of economicdownturn.0500,0001,000,0001,500,0002,000,0002,500,0001985 1990 1995 2000 2005 2010 2015Volume (m3)Year21The AftermathLooking at the various housing start trends, it seems that there are increases in the yearsfollowing disaster events. However, this may only last a year or two before the number starts tofall again. As a whole, the number of Japanese Housing starts has been in a state of decline since1990. There have been brief periods in-between then and now that have seen the number trendupwards, however it seems to have never lasted more than two years. Perhaps it is a commentaryon the space that is available for housing starts, or a commentary on the efficiency of theJapanese to re-develop disaster zones in short periods of time. Or perhaps more pessimistically, itis a stark reminder of the ongoing population decline and demographic shift in Japan(Buttonwood, 2014).Figure 9 does show an upward trend in the number of Japanese wooden housing starts,potentially hinting at a future of green housing. This shift may be a product of the 2011“Promotion of Wood Usage in Public Buildings” Act, announced by Japan in an effort topromote wood as a construction material (COFI, 2014). While the act was mainly to promotewood in the construction of public buildings, it may have also influenced and led to the increasein wooden housing. The difference between wooden and non-wooden housing that hadpreviously existed before 2009 is now miniscule in comparison. Furthermore, even with theincrease in the number of housing starts, Japan has kept the number of wooden and non-woodenhousing starts relatively similar and increasing at comparable rates.Green Building Programs such as the CASBEE-Sumai program in Japan may also be aninfluencing factor in this trend of decreasing imports (Eastin, Sasatani, Ganguly, Cao, & Seol,2011). In his report, Ivan Eastin states that while wood is largely agreed to be the most22environmentally friendly structural building material, there is unfortunately a low level ofinterest in adopting Green Building programs such as the CASBEE-Sumai due to a perceivedlack of demand for green buildings among consumers. However, Eastin does conclude that thereis heavy interest in value-added wooden building materials.There is also the dilemma of choosing between domestically sourced lumber and importedlumber. Programs such as the CASBEE-Sumai Green Building program, and other governmentalagencies, provide subtle incentives for contractors to use lumber from domestic sawmills (Eastin,Sasatani, Ganguly, Cao, & Seol, 2011). This also creates an interesting stand-off betweendomestic and foreign sources for Japanese Timber and Lumber imports.23ConclusionUltimately, the Japanese Lumber and Timber market does seem to be a cutthroat competition forthose that look to export lumber and timber into Japan. Dips in volume from a particular sourceseem to be taken over rather quickly by a competitor. The Japanese Lumber and Timber marketalso seem to correlate with natural disasters. Any stimuli from natural disasters produce a visibleand quantifiable reaction in the landscape of the Japanese Lumber and Timber market, and allother associated lumber and timber markets. However, natural disasters are but one of manyfactors that must be taken into account when looking at potential changes to the JapaneseLumber and Timber market.It is possible for predictions to be made predictions about how lumber and timber markets wouldbe affected by possible future events, based on the trends noticed in the time frames studied.Certainly, all probable factors would need to be carefully accounted for in any predictive study.However, using past history to determine the future is something that should be undertaken.Timber and lumber markets do seem to undergo similar patterns throughout the years, and itwould be advantageous for companies that are involved with importing and exporting timber andlumber to be able to gauge future markets. Perhaps from a more humanitarian point of view, wewould also be able to better fill the need for resources needed in housing start initiatives indisaster zones if we understood how demand fluctuates in global markets.aWorks Referenced and ConsultedAquino, F. (2013, June 7). Japan’s birthrate drops to 1.03 million, number of deaths keepincreasing. Retrieved March 25, 2014, from Japan Daily Press:http://japandailypress.com/japans-birthrate-drops-to-1-03-million-number-of-deaths-keep-increasing-0730181/Asia for Educators, Columbia University. (2009). The Meiji Restoration and Modernization.Retrieved December 28, 2013, from Asia for Educators:http://afe.easia.columbia.edu/special/japan_1750_meiji.htmBlake, E. S., Kimberlain, T. B., Berg, R. J., Cangialosi, J. P., & Beven II, J. L. (2013). TropicalCyclone Report - Hurricane Sandy (AL182012). National Hurricane Center.Chen, Y.-F. (2011, April 7). Kobe Earthquake(1995). Retrieved December 22, 2013, from SAGEKnowledge: http://knowledge.sagepub.com/view/disasterrelief/n150.xmlCIA. (2014, March 11). The World Factbook: Japan. Retrieved January 30, 2014, from CentralIntelligence Agency: https://www.cia.gov/library/publications/the-world-factbook/geos/ja.htmlCOFI. (2014). Asian Market. Retrieved January 28, 2014, from Council of Forest Industries:http://www.cofi.org/markets/asia/Cohen, D. (2013, October 22). BC Log Exports. (L. Lin, Interviewer)Daniels, J. (2005). The rise and fall of the Pacific Northwest log export market. Portland: UnitedStates Department of Agriculture, Forest Service, Pacific Northwest Research Station.bEastin, I., Sasatani, D., Ganguly, I., Cao, J., & Seol, M. (2011). The Impact of Green BuildingPrograms on the Japanese and Chinese Residential Construction Industries and theMarket for Imported Wooden Building Materials. Cintrafor.Ekstrom, H. (2014). Global Timber and Wood Products Market Update. Wood ResourcesInternational LLC.International Forest Industries. (2011, March 17). Update on Russian Log Export Tax. RetrievedDecember 31, 2013, from International Forest Industries:http://www.internationalforestindustries.com/2011/03/17/update-on-russian-log-export-tax/Israel, B. (2011, March 14). Japan's Explosive Geology Explained. Retrieved December 20,2013, from LiveScience: http://www.livescience.com/30226-japan-tectonics-explosive-geology-ring-of-fire-110314.htmlIwai, Y. (2002). Forestry and the Forest Industry in Japan. Vancouver: UBC Press.Japan Guide. (2002, June 9). Japanese history: Postwar (since 1945). Retrieved December 28,2013, from JapanGuide: http://www.japan-guide.com/e/e2124.htmlJapan Lumber Importers' Association. (2009). Timber Imports and Market Situation in Japan.Yokohama: JLIA.Kim, V. (2011, March 21). Japan damage could reach $235 billion, World Bank estimates.Retrieved December 23, 2013, from Los Angeles Times:http://www.latimes.com/business/la-fgw-japan-quake-world-bank-20110322,0,3799976.story#axzz2wYMKKiyqcMacrotrends. (2014). Housing Starts Historial Chart. Retrieved March 26, 2014, fromMacrotrends: http://www.macrotrends.net/1314/housing-starts-historical-chartMinistry of Forests, Lands and Natural Resource Operations. (2012, May). Facts About B.C.'sMountain Pine Beetle. Retrieved March 3, 2014, from Ministry of Forests, Lands andNatural Resource Operations:http://www.for.gov.bc.ca/hfp/mountain_pine_beetle/Updated-Beetle-Facts_May2012.pdfNOAA. (2014). Billion-Dollar WEather/Climate Disasters. Retrieved March 3, 2014, fromNational Climatic Data Center: http://www.ncdc.noaa.gov/billions/eventsNRC. (2013, December 5). Forest Products. Retrieved March 27, 2014, from Natural ResourcesCanada: http://www.nrcan.gc.ca/forests/industry/13317NRC. (2013, Janurary 17). Japanese demand for lumber: reconstruction and governmentstimulus. Retrieved December 25, 2013, from Natural Resources Canada:https://cfs.nrcan.gc.ca/selective-cuttings/10NWSWFO. (2005, August 26). Hurricane Katrina. Retrieved January 30, 2014, from NationalWeather Service Weather Forecast Office: http://www.srh.noaa.gov/mfl/?n=katrinaOskin, B. (2013, August 22). Japan Earthquake & Tsunami of 2011: Facts and Information.Retrieved February 20, 2014, from livescience: http://www.livescience.com/39110-japan-2011-earthquake-tsunami-facts.htmlOwen, P. (2013). The Impact of Russian Log Export on Asian Markets. Boring, Oregon: VanportInternation, Inc.dSample, I. (2011, March 11). Japan earthquake and tsunami: what happened and why. RetrievedDecember 26, 2013, from The Guardian:http://www.theguardian.com/world/2011/mar/11/japan-earthquake-tsunami-questions-answersStatistics Bureau. (2013). Building Starts - Yearly - 2013. Retrieved February 18, 2014, from e-Stat - Portal Site of Official Statistics of Japan: http://www.e-stat.go.jp/SG1/estat/ListE.do?lid=000001117094Torres, I. (2013, April 17). Japan’s population continues to decline and age at record levels.Retrieved March 25, 2014, from Japan Daily Press: http://japandailypress.com/japans-population-continues-to-decline-and-age-at-record-levels-1727133/Zhang, B. (2011, March 30). Top 5 Most Expensive Natural Disasters in History. RetrievedDecember 25, 2013, from AccuWeather: http://www.accuweather.com/en/weather-news/top-5-most-expensive-natural-d/47459?partner=

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